Colony Trust Company, LLC (“CTC”) is pleased to announce the opening of a branch office in Nashville, TN. Tennessee is a leader in progressive trust legislation and one of the more favorable states to establish and administer a trust.* CTC is excited to be able to offer corporate trustee services under the governing laws of both North Carolina and Tennessee going forward. Some of the advantages Tennessee offers over trusts administered in North Carolina, South Carolina, Georgia, Florida and a majority of other states include:
Step-up in basis on the death of both spouses
Relaxed notice requirements to qualified beneficiaries for decantation of trusts
Possibility of mitigating state income taxes of an irrevocable non-grantor trust; provided, the trust has no other taxable connection with another state as articulated in that state’s taxing statute or the recent landmark Supreme Court case of North Carolina Department of Revenue v. Kimberley Rice Kaestner 1992 Family Trust.
CTC opened as a North Carolina public trust company in 2018. CTC currently serves in a fiduciary role for over $1.1 billion in assets under administration and does not manage investments. CTC’s sister company Colony Family Offices, LLC (“Colony”) is a multi-family office with over $2.15 billion** in assets under management that provides comprehensive wealth advisory services to a select group of client families across all regions of the country. Colony’s mission is to provide financial peace of mind to families with significant wealth. The Colony team works closely with each client family and their other trusted advisors to develop an integrated financial strategy. Colony’s objective is to develop long-term professional relationships with client families and serve them for generations to come.CTC continues to serve client families by exercising sound and prudent judgment based upon its fiduciary duties, experience and collective knowledge. CTC strives to understand its client families and serve them in a nimble, flexible and practical manner when meeting their needs.